Abu Dhabi Islamic Bank (ADIB) has launched the Cash Cover Takaful Service that provides customers coverage against financial loss and emergency medical expenses in the event of a fraud resulting from theft, assault, or robbery.

The bank said it will provide coverage that a customer may lose due to an incident after withdrawing money within 100 meters of any of the ATMs or bank’s branches in the UAE. The bank also covers all fraudulent transactions made on stolen ADIB ATM Cards Covered Cards with the condition that the customer notifies the bank within six hours of the incident, in addition to covering medical expenses incurred during the incident.

The Cash Cover Takaful Service will be provided by ADIB for free for a period of two months till the end of August 2010. After the free period, the bank will charge a monthly fee to customers who wish to continue and benefit from this service.

Dhafer Luqman, head of strategy, product management and international retail at ADIB, said: “This is another example of our customer focus as we bring innovative services to the UAE. It is a huge commitment we are making towards safety and security and for our customer’s peace of mind. This service reflects our mission of providing Islamic financial solutions for the global community and providing world-class, ethical banking based on our core values that deliver banking as it should be.”